A watch shaped like a bracelet and easily removable. That very much suits my intuition of what an iWatch would be.

I have a pet theory that, when removed, the iWatch will be flat and it will be possible to use it as a phone by holding up to your ear. The cellular technology will be in your iPhone Maxi or iPad. The importance of such a feature is simply—but not unimportantly—that this would look less dorky than holding up a 5" phone to your head or using a bluetooth headset.